A Guide to Completing Forms 1099-MISC

Description

Available only as a Digital Download

Presenter: Carol Kassem, Regulatory Expert

The Form 1099-MISC is one of the most widely used information reporting forms that is filed to report a variety of income payments. Almost everyone files Forms 1099-MISC.  However, the reporting rules are different for each income type. With so many boxes, what information goes in each box? Does it matter which box you choose?

Most forms in the 1099 series are used to report only a single type of payment, such as interest or dividends. The Form 1099-MISC can be used to report a variety of payments that are all subject to different reporting rules. So, what do you report in each box?  More importantly, when do you report certain payments to the IRS on this Form? The IRS filing deadlines are much more aggressive depending on the types of payments that you are reporting. Plan to join this discussion as we talk about the following issues:

• Types of payments that are reportable on this form
• Different thresholds that require reporting
• What is considered nonemployee compensation
• When is a payment reported as Other Income
• Prizes and awards – what’s reportable?
• When are payments made to attorneys reported in Box 7 or Box 14
• Withholding that may be required
• Payments that are exempt from reporting
• Creating substitute forms
• Yearend filing requirements
• What happens if I file incorrect information?
• New, aggressive filing deadlines
• …and much more!

There’s so much that we will be discussing in this hour. Don’t miss this information packed session!